The CPF Time bomb that began ticking in 1984

[scroobal]

1) Living longer is a fact. All governments around the world who run state wide provident fund or scheme know that. Some like Australians reworked the scheme while the Canadians kept tweaking it.

2) CPF in essence is an excellent scheme when it was first mooted in 1956. It worked well until the economic crisis in 184 and that is also when the 50% contribution (25 +25) ended.

3) There are 3 distinct parts that are issues that need to addressed.

a) Using the CPF as an escrow for housing and healthcare. It served the govt more than it did the members. It was no different to rubber estates of old where estate workers can only spend their income on estate store on goods that are priced for profits because the workers are their captives. As people have pointed out, the HDB prices are ridiculous.

b) For the size of the pool, the returns should be much higher. We are being fleeced by the middleman which in this case is the Government. Again the people are the captive.

c) The minimum sum should not have been imposed in the first place. There should have been a state funded basic safety net where a minimal welfare tax should have been implemented. These minimal tax could have come from the % of the CPF contribution or those who preferred to fund it themselves. Alternatively it could have come from the returns that was siphoned away by the Government.

 

[scroobal]

Good to have you back bro. Good post.

In my opinion, the biggest issue is the return on CPF funds. At the very least it has to have an inflation adjustment built into it. And since the GIC and Temasek have done very well over the last 30 years in terms of Return on Investment,the government should retroactively re-adjust CPF funds to account for inflation.

.

 

[GoldenDragon]

Transgender Loong will be slayed at the polls once the overpriced HDB is linked to dwindling CPF and minimum sum. THen to nail his coffin we link the salaries of his daddy, husband and itself at GIC and Temasek and the people will froth with anger and vote out this insipid and foolish man. Imagine 500 million being paid in salaries to the Lee Familee from the people's CPF funds. The transgender dragon will be slayed indeed.

The opposition must be able to seize this initiative and hammer in the nails to PAP's coffin. Imo, next GE will give MIW nghtmares. Too many screw-ups from them.

 

[Lionheart]

kopiunca horkowkan......

this type of oppo ib standard will drag the oppo down the drain
no bloody standard
such low down vulgarity

 

[Lionheart]

what?they let kopidog escape AGAIN? mas selamat is a rank amateur compared to the rabid escape artist!

why are you in a rush
you forgot to put up your zip

 

[rushifa666]

Kopidog give dog fuck

 

[bakkuttay]

this type of oppo ib standard will drag the oppo down the drain
no bloody standard
such low down vulgarity

why are you in a rush
you forgot to put up your zip

who posted this????

I really don't know who you are. Thanks for saving me last night. I think I will be off for some time
to reflect. No use wasting my time being battled and whacked by I H P and his Gang.

Anyway, thanks for the advice and thanks for all the beautiful songs.


see my signature

 

[Lionheart]

bkt nothing better than to dig fossils
go give ghosts rape lah

 

[rushifa666]

I thinkbakkutay you need to revive that thread. Kopidog has been released from imh again

 

[Lionheart]

I thinkbakkutay you need to revive that thread. Kopidog has been released from imh again

you are teaching that doggie to doggie

 

[dr.wailing]

Transgender Loong will be slayed at the polls once the overpriced HDB is linked to dwindling CPF and minimum sum. THen to nail his coffin we link the salaries of his daddy, husband and itself at GIC and Temasek and the people will froth with anger and vote out this insipid and foolish man. Imagine 500 million being paid in salaries to the Lee Familee from the people's CPF funds. The transgender dragon will be slayed indeed.

Very good points.

I love your connecting the dots.

I will summarize your post and post it on other popular SG forums.

 

[Sinkie]

We are all living much longer than say 40 years ago. It is a fact - just read up on life expectancy and you will see. If majority dies at 65 then you will see no insurance companies selling term life up to 70. They will all go broke! The insurance folks know best about how long you will live.

I guess it all depends on how one views it. If you think the money is gone and do not trust gov then of course you want money back at 55.

I am looking at it from point of view that money is there and that we need to tweak the system to make it more equitable. An additional 2% over 30 years on 100K is around 80K, almost double the money. These adjustments can be a significant difference to the retirement system

Regardless, I believe that we as a society need a form of a pension/annuity scheme. Withdrawal at 55 with no safety net is plain silly.

Talking rots! I've a thread which exposed clearly that the life expectancy of age 85 is applicable for those born in 2013, and progressively regressed. The minimum sum is instituted and raised on the pretext of this life expectancy being age 85, but this is relevant only for those born in 2013 and beyond. For those born in 1950, 1960, 1970 and 1980, the life expectancy is at most 60 to 70.

That's why the minimum sum is not applicable for those born in those years, who will normally die by 60 to 70. The life insurance companies only know how to protect its own profits. So, cut the crap and return the CPF as originally promised at age 55.

 

[rushifa666]

Well said. Anyone who believe that the average Singaporean will live to 83 is too stupid to live. And what kind of life will that be without cash? Better start practise folding boxes niw

 

[bakkuttay]

bkt nothing better than to dig fossils
go give ghosts rape lah

you are teaching that doggie to doggie

like to see your message to me in full, just pass another remark and you will be rewarded.

 

[soIsee]

You obviously have no idea what the PAPzis stand for and what they have thus far done to Singaporeans who purchase HDB housing. With higher interest rates and over priced public housing Singaporeans will be paying more in interests for their HDB mortgages since a very large percentage of Singaporeans will be using their CPF. The issue now is to vote out the PAPzis. Don't waste too much time on alternatives and options because these will always be twisted to suit their needs and then the mainstream media will propagandize the new scheme to no end and we are back to square one.

Did anyone put a gun to your head to buy those pigeon holes?

Did anyone forced those lovey dovey love birds Sinkie to think that their marriage is centred ALL ona damn piece of brick and mortar, that they would have rush to get a pigeon hole despite all cost?

Did anyone force you go 'upgrade' to a Bigger, newer pigeon hole?

Did anyone asked you to fall for that so called DBSS or whatever type of fuck scheme?

You are the one to be blame. If there are NO demand for his pigeon holes ( like the time when there were thousands of vancant flats), he would be able to sell any more at a higher price.

 

[ChaoPappyPoodle]

Did anyone put a gun to your head to buy those pigeon holes?

Did anyone forced those lovey dovey love birds Sinkie to think that their marriage is centred ALL ona damn piece of brick and mortar, that they would have rush to get a pigeon hole despite all cost?

Did anyone force you go 'upgrade' to a Bigger, newer pigeon hole?

Did anyone asked you to fall for that so called DBSS or whatever type of fuck scheme?

You are the one to be blame. If there are NO demand for his pigeon holes ( like the time when there were thousands of vancant flats), he would be able to sell any more at a higher price.

A government that schemes to enrich politicians, cronies and high ranking servants civil servants at the expense of citizens should be voted out. You must be sick in the head, a sociopath to think that ordinary citizens should be forced at gun point to make a necessary purchase or even rent a home. Are you a time travelling caveman?

 

[Leepotism]

 

[ChaoPappyPoodle]

1) Living longer is a fact. All governments around the world who run state wide provident fund or scheme know that. Some like Australians reworked the scheme while the Canadians kept tweaking it.

2) CPF in essence is an excellent scheme when it was first mooted in 1956. It worked well until the economic crisis in 184 and that is also when the 50% contribution (25 +25) ended.

3) There are 3 distinct parts that are issues that need to addressed.

a) Using the CPF as an escrow for housing and healthcare. It served the govt more than it did the members. It was no different to rubber estates of old where estate workers can only spend their income on estate store on goods that are priced for profits because the workers are their captives. As people have pointed out, the HDB prices are ridiculous.

b) For the size of the pool, the returns should be much higher. We are being fleeced by the middleman which in this case is the Government. Again the people are the captive.

c) The minimum sum should not have been imposed in the first place. There should have been a state funded basic safety net where a minimal welfare tax should have been implemented. These minimal tax could have come from the % of the CPF contribution or those who preferred to fund it themselves. Alternatively it could have come from the returns that was siphoned away by the Government.

1) Living longer is indeed a fact but as a fellow Singaporean has correctly pointed out, the manner in which the PAPzis have used this fact is totally flawed in a most outrageous manner. To correctly account for longer longevity, the different age groups should be a strong variable.

2) CPF was indeed good but it should have been tweaked and improved in the 80s even before the financial crisis. We are living in modern times where matters such as insurance and pension funds are still relatively new to mankind. But it was obvious that inflation should have been accounted for and a proper pension scheme instituted. Of course during the 80s, the PAPzis had full control over everything and they were only interested in harnessing their power for themselves.

3a) The prices and size of HDB also affect private property housing prices and sizes. Even private property owners are squeezed and only the 5-10% at the very top of the food chain actually truly make a lot of money.
3b)We are being sleeced by the PAPzis and their property tycoons. Only the very high up civil servants get to partake in the leeching. Everyone else suffers at the end.
3c) Too difficult to say but the issue now is to get rid of the PAPzis and their kind in government and the civil service. We need to build a new Singapore very quickly if we are to set ourselves as a country and a people with a bright future. As it is now, I am assured that at least 70% of Singaporeans see a very bleak future filled with too many unknowns that cover basic public goods such as housing, education, jobs, healthcare AND the worse of all the PAP!!!

The PAP is single-handedly the most important reason why Singaporeans have such a bleak outlook for their future. Because behind all these failures sit the PAPzis and their multi million dollar ministers and civil servants who have put into place the very policies that have created such a pathetic existence for the majority of Singaporeans. Many do not realise this but hopefully before the next GE, there are sufficient voters who realise this and take this to heart and bring this knowledge to the their friends and family members and eventually to the polls.

 

[AttilaTheHun]

So what are you ball-less sinkies going to do about it?

 

[rushifa666]

Well many have packed their bags and left. Many are packing their bags now. And many will be packing their bags soon